MDA Space Reports Revenue Surge as Backlog Hits $4 Billion

The Toronto-based firm, which recently inaugurated a high-volume satellite manufacturing facility in Montreal, saw its backlog climb to $4 billion by the end of June. This figure represents a $310 million increase from the first quarter of 2026, driven by new contract wins with the Canadian Armed Forces and the European Space Agency. Adjusted EBITDA for the quarter reached $96 million, reflecting a 26% year-over-year improvement.

CEO Mike Greenley attributed the performance to disciplined execution and a strategic focus on expanding global reach. The company is currently pursuing the acquisitions of Blue Canyon Technologies and CLS to broaden its addressable market. Despite the revenue growth, operating cash flow for the period was $(93) million, a shift the company attributed to standard working capital fluctuations on major long-term programs. Looking ahead, MDA Space has tightened its 2026 revenue guidance to a range of $1.8 billion to $1.9 billion.